McFarlane Lake closes final tranche of placement

Mr. Mark Trevisiol reports MCFARLANE LAKE ANNOUNCES CLOSING OF FINAL TRANCHE OF $9.34 MILLION EQUITY FINANCING McFarlane Lake Mining Ltd. has closed the final tranche of its previously announced non-brokered private placement offering of units at a price of 15 cents per unit and flow-through shares of the company at a price of 15 cents per FT share. The company closed the first tranche of the offering on Sept. 26, 2025. On Oct. 7, 2025, the company filed an amended and restated offering document pursuant to the LIFE (listed issuer financing exemption). In the final tranche, the company issued 5,829,998 units at a price of 15 cents per unit, for aggregate gross proceeds of approximately $874,500. No FT shares were issued in the final tranche. In total, McFarlane Lake raised $9,335,500 pursuant to the offering, through the issuance of 61,936,665 units and 300,000 FT shares. Each unit consisted of one common share of the company and one-half of one common share purchase warrant. Each warrant granted in the final tranche is exercisable by the holder to acquire one common share at a price of 25 cents per common share at any time from the date that is 60 days following the closing date until Oct. 9, 2028. Mark Trevisiol, chief executive officer and chairman of McFarlane Lake Mining, stated: "We are very pleased by the support investors have showed both in this equity raise and in the $15-million (U.S.) debt security we closed last week. It is now up to management to move the Juby gold project forward adding value by increasing its gold resources and marketing this exciting project across the gold investment community." The net proceeds from the sale of the units will be used for general working capital and other corporate purposes, as more particularly described in the company's offering document under the company's profile at SEDAR+ and on the company's website. All units distributed in connection with the offering were issued and sold pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 -- Prospectus Exemptions and in reliance on Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. Pursuant to the LIFE, all units issued under the offering to Canadian subscribers are not subject to a hold period in Canada in accordance with applicable Canadian securities laws and the policies of the Canadian Securities Exchange. The offering remains subject to the final acceptance of the exchange. In connection with the offering, the company paid certain eligible finders' fees consisting of cash payments of up to 8.0 per cent of the gross proceeds raised from investors introduced by such finders, except that fees payable in respect of investors identified on a president's list were reduced to 2.0 per cent. Related party disclosure Certain insiders of the company subscribed for approximately $190,000 worth of units. This participation by insiders constitutes related party transactions within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Shareholders in Special Transactions (MI 61-101). The company has relied on applicable exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101. No new insiders were created, nor has there been any change of control, as a result of the offering. The company did not file a material change report with respect to the insider participation more than 21 days before the expected closing of the offering, as the details and amounts of the insider participation were not finalized until closer to the closing and the company wished to close the transaction as soon as practicable for sound business reasons. About McFarlane Lake Mining Ltd. McFarlane Lake is a gold exploration company focused on exploring and advancing the Juby gold project near Gowganda, Ont. The Juby gold project has an (National Instrument 43-101) inferred resource of 3.17 million ounces of gold at 0.89 gram per tonne contained in 109.48 million tonnes and indicated resources of 1.01 million ounces of gold at 0.98 gpt contained in 31.74 million tonnes. These resources have an effective date of Sept. 29, 2025. The full technical report on these resources will be issued within 45 days of the company's MRE announcement. The technical report will be issued by BBA E&C Inc., an independent organization from McFarlane Lake. The company is currently planning to perform exploration drilling on the Juby gold project as well as other study work to advance the development of the property. McFarlane's other properties include the past producing McMillan gold mine property and Mongowin gold property located 70 kilometres west of Sudbury, Ont. The High Lake mineral property located immediately east of the Ontario-Manitoba border and the West Hawk Lake mineral property located immediately west of the Ontario-Manitoba border. In addition, McFarlane Lake owns the Michaud/Munro mineral properties 115 km east of Timmins. McFarlane Lake is a reporting issuer under applicable securities legislation in the provinces of Ontario, British Columbia and Alberta. We seek Safe Harbor.